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Pandemic COVID-19 effects and changing market trends

7/3/2020 10:34:00 AM

COVID-19 is spreading across the globe and unfortunately it became dangerous right now. World Economy is facing its worse impact although medicine or vaccine found news give some relief to many of us. While Pharmaceutical companies are finding its medicinal solution, people are busy to take care of themselves by boosting their immune system. Currently health food companies are engaged to advertise their products as immunity booster. In the same way sanitizer,soap,antiseptic liquids,hygiene and sanitation market Segment are on boom mode.Real Estate is one among others which placed itself from the negative economic impact. Very well said "Victory comes from finding opportunities in problems". Shelter is an important ingredient of safely and Security. Lockdown made us realized us how home protect us from invisible virus. Many reports claimed rising residential demand.It is pleasure to be a home owner these days, as in Covid-19 days tenants and paying guests faced many problems said news sources.Ownership Title makes us feel Independent and confident and but obvious secure and safe. STAYHOME word is trending in our life right now and it is important for safety prospective. Covid-19 spreading is going to be dangerous simultaneously It has changed people prospective towards life supporting elements of life,Now people demand home with home office,Green Buildings demand is trending these days as it is much capable to reduce impact on physical environment and promote a healthy indoor environment for Residents. The culture of India refers collectively to the thousands of distinct and unique cultures of all religions and communities present in India. India's languages, religions, dance, music, architecture, food and customs differ from place to place within the country. India food and Spices promote health and fitness and COVID-19 days realized this many of us practically and properly.Medicial properties and immunity booster enriched Indian spices are also capable to add mouth watering taste in Indian cuisine. Fast food and junk food addicted indians have no other option but to eat only homemade food these days.In between unavailability of COVID-19 medicine and Vaccine Indian spices and home made stuff are working like life guards against Pandemic.Home Hygiene is the other important thing which we have to do these days. In Pandemic lockdown we spent quality time with our family, and it helped us to reconnect with our loved ones.We had enough time to spend with them.In COVID-19 Lockdown days many good habits we have practiced and we hope it to be continue for lifetime. Chandigarh

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Pandemic Covid-19 Lockdown and buying RERA Projects

7/13/2020 3:23:00 PM

It seems Pandemic Covid-19 will not stop until its vaccine found and now we have left with prevention only which can help us to survive pandemic.It is creating catastrophe globally.Covid-19 and Lockdown have changed people's prospective towards their life.Pandemic Covid-19 has succeeded to stressed out on social Infrastructure,Among other social infrastructure,Huge health infrastructure should also be seen as important,as it has a huge impact on our economic growth.Covid-19 proves practically how citizen's good health bridging the gap between Country's economy and its growth. During the pandemic,people's different faces have been seen, tenants and paying guests were being harassed by landlords, Reports said.Corona spread was becoming dangerous and misconceptions over pandemic and other rental issues were forcing landlords but to evacuate rented accommodation. Where some were doing inhumanity meanwhile, many volunteers came to help others to provide covid -19 safety gadgets and many were came to feed hungry.Animals too were not deprived from humanity. The days of lock down seem worse when the house is not even yours.Pandemic Covid-19 Lockdown forced us to think about our own home,where,we can take care of our self and our loved ones by giving them hygienic place called home and let our family corona free. Owning Home is everyone dream and Covid-19 spread has been succeeded to convert dream into the need of the hour.In india ,residential demand is on boom and NRIs real estate demand kept pace in their home town,Reports said. Home is a peaceful and secured place, where we feel comfortable and enthusiastic.We can do what we want to do.In your own home, you are the only who can make and break the rule, nobody can instruct you to do this and that,However, EMIs are being paid, if you take home loan,But it will not disturb your mental peace because EMIs are giving you ownership and once EMI finishes it will become your tangible asset.Means you can enjoy your asset since buying your dream home.Fortunately, RERA and PMAY are two among other are working like demand booster to encourage residential demand, and low interest home loan is working like catalyst into it. RERA empowers buyer.Earlier,buyer's property buying decision was hit in the absence of RERA but now seeing in upward trend in residential property. It seems RERA has been successful to bring confidence in residential market even in pandemic corona virus lockdown. What is RERA? RERA stands for Real Estate Regulatory Authority.It aims protecting the interest of property buyer in real estate sector and to establish an arbitrating mechanism for speedy dispute redressal. Project delivery delays, property pricing, quality of construction, title and other changes are the issues which RERA regulates and addresses the issues in an efficient and transparent manner. RERA empowers both Builder or Developer and Buyer, as most of the things were favoring Builder. RERA brought many norms that will protect buyers from unfair builders malpractices. Takeaways of RERA Standardized Carpet Area Earlier the carpet area on which the property price calculated was not defined.Every builder/developer had their own method of calculation of the carpet area.Means for the same property the builder would calculate the carpet area of 1400 sq ft and the other would calculate the carpet area of 1500 sqft ,Hence there was no parity in carpet area in the absence of RERA.However,this has now been defined by the RERA Act,and the same formula would be applied by all builders/developers for the calculation of the carpet area. Subsequently, it will impact property prices as price calculates on the basis of the property carpet area.Builders compute the price of the property as follows: Cost of the property=Carpet Area x Rate per sq ft Rate of Interest on default Earlier,In case of default on payment by the buyer ,the interest to be paid by the builder to builder was higher on the contrary if builder delays the possession of property ,the interest to be paid by the builder to the buyer was less.Means there was no parity in the interest to be paid for both parties. RERA defines the interest to be paid by both parties will be the same for both parties.RERA has been successful to bridge the gap between two. Reduces the Risk of Builder Insolvency/Bankruptcy Usually A builder has many projects to be built which have to build simultaneously. Earlier,Builders were free to divert the fund raised from Project A to fund the construction of project B. Now,This would not be possible as RERA defines norms which help to reduce the risk of Builder Insolvency .According to RERA,the builder is liable to deposit 70% of the amount realized in for the project in a separate bank account.Builder can withdraw from such account only on the basis of completion of project,which will be certified by a civil engineer,architect and a chartered accountant in practice. Compensation over False Promises RERA empowers buyers, If there is mismatch over builder commitments and actual property, the buyer has an option to withdraw from the property, RERA ,buyer is entitled to full refund of the amount paid as advance or otherwise along with interest and claim compensation. Right to information The buyer will be entitled to have all the information related to the property,layout plan,execution plan,stage wise completion status etc. Pradhan Mantri Awas Yojana: Having own home is a dream of everyone,unfortunately,some are deprived to fulfill this dream,among so many reasons,financial issue impacted the most of home buying decisions.Fortunately Pradhan Mantri Awas Yojana give a hope over it and many have been benefited from Awas Yojana. Chandigarh

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Technology Avatar Electronic and Digital Revolution as "Chirag"

7/24/2020 5:57:00 PM

Over a time, cathode ray tube turned colored LED, heavy computers become light and mobile has replaced heavy wired land lines, not surprisingly, more magical things are about to come. Technology has changed our approach.In technology Era, it has been easy to be on screen, Android screen Stars are twinkling by throwing their talent at social media platforms, It is creative and economical way to put talent in digital world.Earlier, many had to give auditions, screen tests and to do formalities to be an entertainer, but now it has became easier, with technology up gradation. Your approach for followers became sort of smart. You Tube, Instagram, Twitter and Facebook are very few instances of social media which are trending among Millennials, Generation Z and less in Generation X. If you don't want to be exhausted while finding these websites in search engines, just install a desired app, sign it up and your reach about target audiences will be guaranteed, if you have enough talent ingredient's. It has been seen that, talent is emanating on emerging digital platforms, whether dancer, singer, poet, bloggers, web developer,graphic-designer or other talent demonstrator, you can be a benchmark in your field by putting your best in related platforms.These platforms have been emerging as handsome income source and informative too, since few years, with increasing followers and views your income could be increased. Nothing would be, which you could not search on it, yes authenticity could be an issue which can make search results less trust worthy but your intellectual can help you to find and pick relevant search results . Every advantage often has demerit and it depends on us how and why we use them. With the technology rush, it is seen, our youth is prowling around it badly, and calling them technology addict will not be wrong. Among internet users, some netizens are just putting themselves in that platforms worthlessly. They often use to imitate like actors, it is good, if you are evolving as an artist but question arises do you "ALL" want to be an actor or just end up your precious day as spoiled and exhausted, where, this moment their focus should be on academics or on their career goals. It will be healthy to boost your happy hormones or to be entertained for a while but practiced in the whole day could make your life curse, so everyone should have to take the responsibility of themselves that how much they should be indulged in digital platforms and off course their Parents too should be on high alert while giving them digital gadgets. Technology has a profound impact globally, almost every sector activities drives directly or indirectly digitally and this is the need of the hour for being alive in market. Globally, Among countries, there is competition to be on top or even pioneer in every field whether it is electronics, defense or pharma, to be inventor of Covid-19 vaccine is the current instance of being pioneer, this is all happening around the existence of science and technology.In India, many startups are successful by holding hands with technology. Since few years, digital wave has been seen around us. School, colleges, hospitals, banks, industries etc. are all indulging in digital world over the period of time. Just one click and your food will be at your door, cab will be ready to bring you and your visual tour of your dream home will be on your computer screen or on your mobile phone by just one single click, subsequently if we look down on augmented reality &virtual reality, you should not pinching off yourself to realize, this is happening in reality, it's experience has been given by enormous media houses, movies and even in android apps. It is such a magical experience we see and feel while watching that stuff, means by adding digital elements in real world, we can see different world of same scene even you can feel roller coaster experience while sitting on your couch, feeling real environment in virtual world by just using the technology is just a victory in Pandemic lockdown. Except a few,every sectors activities have been continued during lockdown through technology existence, but in between technology wave, we should not forget if technology is chirag, human being is alladin, who are the prevailing characters among Millennials. Things that seemed to be science fiction earlier, it has become reality now. Since,human being is the only fulcrum of digital world, acknowloging technology as the latest version of "Alladin ka Chirag" will not be wrong. According to Latest Statistics there will be 907 million internet users in india untill 2023, and this data indicates enough possibilities for opportunity seekers. It seems best time for India's talent to becoming Tech wizard, I hope, efforts will continue forever by founding new invention and discovery which has been seen as catalyst for economy growth. Chandigarh

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Housing sales improve in July looking for land parcels for future developments: Mahindra Lifespace

7/31/2020 1:16:00 PM

Housing sales as well as enquiries from prospective homebuyers, which were badly hit during April-June due to the COVID-19 pandemic, have started to revive gradually and end-user demand is likely to strengthen in coming months, a top official of Mahindra Lifespace said on Thursday. In an interview with PTI, Mahindra Lifespace Developers MD & CEO Arvind Subramanian said the company did not witness much cancellation of apartments booked by customers as widely feared after the outbreak of COVID-19 and subsequent lockdown. "Just like the economy, businesses were severely challenged in the first quarter of this fiscal year. There was almost a standstill in housing sales and construction activities," he said. However, Subramanian said, "The good news is that our existing customers are committed to their bookings. We are not seeing a large cancellation which could have been one of the outcomes." He said the sales bookings and enquiries from customers in July increased as compared to the past three months, and this could be because of pent- up demand or new buyers looking for security of home ownership amid the pandemic. Subramanian expects demand to strengthen gradually in the coming months and ruled out any V-shaped recovery because of a lot of uncertainty. He said interest from non-resident Indians (NRIs) has increased, driven by favourable exchange rate and the need for safe environment in a gated housing society for their elderly parent. Mahindra Lifespace Developers, which is a real estate arm of business conglomerate Mahindra group, plans to launch one housing project in the Mumbai Metropolitan Region (MMR) in September, he said. Subramanian added that the company was in advance negotiation with landowners for either outright purchase of land or formation of joint venture to develop housing projects. The expectations of land owners have softened after the outbreak of COVID-19, he said. Subramanian said the company was also looking to set up an investment platform for the development of mid-income housing projects. It already has one platform with HDFC Capital for affordable housing projects. The construction work has started in all projects but the number of workers available at its sites is just around 20 per cent compared to the pre-COVID- 19 level. Subramanian said the company has a strong balance sheet with low debt and healthy cash position. "This is the time for stronger players to be patient and conserve resources." Asked about the industrial parks vertical, he said the growth prospects look encouraging with India being considered as manufacturing base amid geo- political tensions between the US and China. Subramanian said the enquiries for the industrial space have also increased and hoped to convert them in the next 6-12 months. To encash this opportunity, he said the company would explore setting up more industrial and warehousing parks. Mahindra Lifespace Developers on Wednesday reported a consolidated net loss of Rs 20.5 crore for the quarter ended June on lower revenue amid the coronavirus pandemic. Its net profit stood at Rs 13.11 crore in the year-ago period. Total income fell drastically to Rs 22.09 crore in the first quarter of 2020-21, compared with Rs 120.30 crore in the corresponding period of the previous year, according to a regulatory filing. The company achieved sales of Rs 39 crore (0.08 million sq ft) in residential business and attained collections of Rs 72 crore. It delivered 28 units to customers across various projects. Mahindra Lifespaces leased 2.5 acres for Rs 8 crore in the integrated cities and industrial clusters business. Subramanian did not give any guidance regarding sales bookings, collections and deliveries for the current financial year. Source:Outlookindia.com Chandigarh

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Minister supports 100% FDI in affordable rental housing

8/4/2020 2:05:00 PM

Housing and Urban Affairs Minister Hardeep Puri on Friday came out in support of allowing 100% foreign direct investment (FDI) in affordable rental housing while speaking to leaders of the industry at the launch of a portal and app for prospective home-buyers. Responding to the demand raised by the industry during the virtual launch of a mobile app of the Confederation of Real Estate Developers’ Associations of India (CREDAI) and an e-commerce portal of the National Real Estate Development Council (NAREDCO), Mr. Puri said: “I’m all for it, 100% FDI in affordable rental housing”. India will continue to attract FDI, says UN trade body Along with the e-commerce portal and app, the Minister also released a series of documents, including guidelines and memorandum of agreement to be signed with States and Union Territoriess, related to the Affordable Rental Housing Complexes (ARHCs) scheme that was announced as a part of the coronavirus (COVID-19) economic response plan of the government, the Atmanirbhar Bharat package. Under the scheme, existing government housing projects that have been completed but are yet to be allotted to beneficiaries will be converted into ARHCs through public private partnership. The scheme also includes construction of new ARHCs. Mr. Puri said at the webinar: “Owning a home should not be considered the be all and end all of life.” He added that rental housing was necessary for younger people starting their careers. In a statement, NAREDCO said real estate developers would be offering over 2.7 lakh “ready-to-move-in” houses for online sales. Affordable housing to cement a place in realty sector Housing and Urban Affairs secretary Durga Shanker Mishra said home-buyers would be able to homes in any city and set up appointments to visit them as per their convenience. After taking a decision, the payments would be made online as well, he said. Source: The Hindu Chandigarh

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Use of technology to propel housing demand amid Covid crisis

8/5/2020 2:25:00 PM

Owing to the on-going pandemic and the resulting lockdown, prospective buyers are stranded at home and are reluctant to move outside, which has severely affected the buyer-seller relationship across sectors. However, the changing scenario has required both the supply and demand side to adapt to newer ways to look at the real estate sector. The lockdown has compelled stakeholders to increase the use of digital platforms and technology in this sector, according to Proptiger Research. It says real estate developers are working around the challenges to come up with new ways to attract buyers, especially with the use of tech-based solutions. As the lockdown has hampered physical visits to the site and communication, developers are investing in online platforms including the ability to book homes online and innovative ways to simulate the physical experience of the property for the home-bound buyers. Drone shoots, virtual tours, and online booking platforms are gaining more prominence, as the number of online buyers increase. While the ‘Digital India’ campaign by the Government of India was started in 2015, with the vision ‘to transform India into a digitally empowered society’, the lockdown has given a greater impetus for home-bound citizens to use digital platforms. Though the use of such platforms for financial transactions and e-commerce has been fairly common, online business transactions have gained more importance during the lockdown. Internet users in India are expected to increase to more than 700 million by the end of 2020 this will provide a further boost to the ‘Digital India’ campaign. The economic slowdown has resulted in fewer new launches as well as sales, yet on the buyer’s side, use of online platforms to search and discover property has quickly bounced back. According to Housing Research, Q1 2020 saw an YoY increase of 30 percent in online search traffic over Q1 2019. While online searches initially declined in April due to the initial shock of the lockdown, this quickly recovered and registered a YoY increase of 25 percent over Q2 2019. Even though sales have decreased, owing to the economic downturn, the number of interested buyers is increasing online, as sellers come up with innovative ways to attract them, all from the comfort of their homes. RELINKING BUYERS USING TECH-BASED SOLUTIONS Drones Since 2018, drones have been used in real estate during the construction phases. The current situation has given rise to the use of drones as a tool for providing a site visit experience to buyers, where one can see the exact view of the surrounding areas. Virtual Tours In case of virtual tours, 3D models and walk-throughs are being developed to provide a near-reality experience of the property. Virtual reality (VR) is also gaining traction. VR uses technology to create a simulated environment and has its applications mainly in entertainment, and now in healthcare, as well as retail. In India, many residential real estate developers have already experimented with tools such as virtual tours and VR to attract buyers, and this is likely to grow further. Webinars & Video Conferencing Webinars have evolved as a great tool to connect with multiple buyers at the same time. The process of a site visit required the sales person to organise site visits for each buyer, which resulted in the sales person being able to conduct only one or two site visits. The use of webinars has made the process hassle-free and more productive, as now multiple buyers can be accommodated at the same time. To establish a connection and to provide one-on-one assistance for further process requirements, the buyers are being connected to the sales person through video conferencing. Online Platforms As per the report, owing to the increasing online buyer traffic, many developers are now advertising their properties through online platforms. Such platforms provide end-to-end assistance for online to offline (O2O) conversions. Even though the connect is being established with buyers using such solutions, economic slowdown has increased the financial woes of buyers, which has made them postpone their decision to buy by 6&ndash12 months. Hence, developers are also coming up with schemes to make the purchase options more viable, which include a waiver of registration charges and stamp duty, innovative payment schemes, cashback schemes, freebies, refundable bookings and price protection plans. The use of technology in construction, as well as marketing and sales, is at a very nascent stage in India, yet, the on-going pandemic has propelled various stakeholders to upgrade and explore more in this field. Source: Financial Express Chandigarh